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EU sanctions on Russia starting to have an effect

Sanctions imposed by the European Union (EU) on Russia in response to its invasion of Ukraine are beginning to have an impact, according to an EU official.

“Take the economic side, we have the Moscow stock exchange being closed since Monday. The depreciation of the rouble is also quite impressive. The fact that the Russian Central Bank had to double his interest rate to 20 per cent,” the official said

President of the European Commission Ursula von der Leyen stated on Thursday that if the situation in Ukraine worsens, the EU would consider new measures against Russia. It is also prepared for reprisal from Russia, which includes diversifying the bloc’s energy suppliers.

On Thursday, Japan’s prime minister stated that the government will apply additional penalties against Russia, including a possible airspace restriction.

“As for additional measures including a ban on Russian airplanes in Japan’s airspace, we need to take appropriate steps while working with the G7 and international community,” Prime Minister Fumio Kishida told a press conference.

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